Meridian Idaho Homes: Why Sight-Unseen Offers Are Risky

It’s no secret that Meridian Idaho homes are in short supply vs. strong demand these days.

That listing inventory imbalance is leading to sight-unseen offers in some instances.

I recently ran across an article claiming that one-third of all offers to buy homes are made sight-unseen.

The article was based upon a recent survey from a Seattle-based real estate company that doesn’t serve the Boise real estate market.

Thus, the following may have absolutely nothing to do with the Meridian Idaho real estate market.

But, I still found the article interesting.

The article claims that 33% of the company’s buyers were comfortable making an offer to purchase a home they had never physically seen.

Personally, I find it very hard to believe that one-third of Meridian Idaho home buyers are making offers without having viewed the homes first.

According to the article, Millennials were most likely to make a sight-unseen offer because they tend to use more technology to research properties before making an offer.

According to the article, 41% of Millennials had made at least one offer without having physically viewed the subject property.

In stark contrast, only 30% of Gen-Xers, and only 12% of Baby Boomers, made sight-unseen offers.

There are obvious risks involved for both buyers and sellers with sight-unseen offers.

No matter how much online research a buyer does, a computer can’t detect the fragrant odor of cat pee in the carpets and walls.

And, the computer won’t know about the drag strip that’s planned to be built on the undeveloped property behind the house.

There’s also risk for sellers who accept those sight-unseen offers.

There is no language in our RE-21 Purchase and Sale Agreement that discloses whether, or not, the buyer has physically viewed the property prior to making an offer.

But, there is language in our RE-10 Inspection Contingency Notice that allows a buyer to withdraw from the transaction and get their earnest money back if they don’t like inspection results.

That can allow a buyer to tie up a property with essentially refundable earnest money, look at the property during the inspection period, and walk away from the deal if they don’t like what they see.

My advice?

If you’re a buyer, view the property before making an offer.

If you’re a seller, determine if the buyer has seen the property before accepting an offer.

 _______________________________________________________

Phil Hoover is a licensed independent Idaho real estate broker, assisting both buyers and sellers in Boise Idaho, Meridian Idaho, and Eagle Idaho.

During his 45 years of full-time real estate experience, Phil has helped thousands of past clients buy and sell quality properties in the Western U.S.

Phil is one of only ten local Realtors® (of nearly 5,500) honored with the coveted “Realtor® Emeritus” award from the National Association of Realtors®, recognizing 40 years in real estate.

 

Thought Of The Week ~ August 20, 2017

No true professional

allows his client to dictate the standards of his performance.

 _______________________________________________________

Phil Hoover is a licensed independent Idaho real estate broker, assisting both buyers and sellers in Boise Idaho, Meridian Idaho, and Eagle Idaho.

During his 45 years of full-time real estate experience, Phil has helped thousands of past clients buy and sell quality properties in the Western U.S.

Phil is one of only ten local Realtors® (of nearly 5,500) honored with the coveted “Realtor® Emeritus” award from the National Association of Realtors®, recognizing 40 years in real estate.

 

New Meridian Idaho Costco Store

Meridian Idaho Costco

Following a couple of years of rumors, Costco has announced that it will build a new store at the corner of Chinden Avenue and Ten Mile Road.

Previous rumors speculated that the new store would be the anchor tenant for the proposed Linder Village development at Chinden Avenue and Linder Road.

Those rumors were proven to be incorrect with last week’s announcement.

Instead, a new Winco Supermarket will anchor the Linder Village development, across from the existing Fred Meyer Supermarket.

Previous Winco Supermarkets have been accompanied by Petco and Home Depot stores.

It will be interesting to see which other businesses will accompany Winco in the Linder Village development.

Both developments will add substantially more traffic to Chinden Avenue, which is already inadequate for its current traffic load.

Chinden Avenue is slated to be widened by 2021, but that schedule could be accelerated by the Costco and Linder Village developments.

The developers of both projects could be required to pay for some, or all, of the road improvements that will be required.

I expect additional development along the Chinden Avenue corridor to expand westward to the Highway 16 intersection over the next few years.

Nearby residents are already up in arms and promising to fight the new developments.

Those efforts could result in  modifications to the developers’ plans, but I’m guessing both developments will move forward.

 _______________________________________________________

Phil Hoover is a licensed independent Idaho real estate broker, assisting both buyers and sellers in Boise Idaho, Meridian Idaho, and Eagle Idaho.

During his 45 years of full-time real estate experience, Phil has helped thousands of past clients buy and sell quality properties in the Western U.S.

Phil is one of only ten local Realtors® (of nearly 5,500) honored with the coveted “Realtor® Emeritus” award from the National Association of Realtors®, recognizing 40 years in real estate.

 

Meridian Idaho Home Buyers: Can We Talk?

I’ve recently had several prospective Meridian Idaho home buyers contact me, asking me to show them homes.

My standard practice is to meet with potential new clients to discuss their situation before showing homes.

If we can’t meet in person, a phone call will work too.

When we talk, I will ask questions, listen carefully, and take notes to gain a clear understanding of your situation.

Why?

Because it’s vitally important that I understand your needs, wants, likes, and dislikes before showing you homes.

Part of that initial conversation will include pricing and financing to ensure showing homes that match your financial abilities.

After I understand what you want and don’t want, I can find homes that match your criteria.

This approach avoids the confusion of showing you 30 homes, hoping you’ll like one and buy it.

I realize that my approach is different than most Realtors®, but I’ve learned that it’s the best way to help my buyer clients.

Looking for a Meridian Idaho home?

Give me a call at (208)938-5533 or e-mail me and let’s talk!

 _______________________________________________________

Phil Hoover is a licensed independent Idaho real estate broker, assisting both buyers and sellers in Boise Idaho, Meridian Idaho, and Eagle Idaho.

During his 45 years of full-time real estate experience, Phil has helped thousands of past clients buy and sell quality properties in the Western U.S.

Phil is one of only ten local Realtors® (of nearly 5,500) honored with the coveted “Realtor® Emeritus” award from the National Association of Realtors®, recognizing 40 years in real estate.

 

Thought Of The Week ~ August 13, 2017

Truth Is Violated By Silence As Well As Falsehood

 _______________________________________________________

Phil Hoover is a licensed independent Idaho real estate broker, assisting both buyers and sellers in Boise Idaho, Meridian Idaho, and Eagle Idaho.

During his 45 years of full-time real estate experience, Phil has helped thousands of past clients buy and sell quality properties in the Western U.S.

Phil is one of only ten local Realtors® (of nearly 5,500) honored with the coveted “Realtor® Emeritus” award from the National Association of Realtors®, recognizing 40 years in real estate.